Form 497 UBS Series Funds

 

UBS Series Funds

January 3, 2022

Supplement to the Statements of Additional Information (each, an “SAI” and together, the “SAIs”) referenced below, as may have been supplemented.

Includes:

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UBS Select Prime Institutional Fund

•

UBS Select Government Institutional Fund

•

UBS Select Treasury Institutional Fund

•

UBS Select ESG Prime Institutional Fund

•

UBS Select Prime Preferred Fund

•

UBS Select Government Preferred Fund

•

UBS Select Treasury Preferred Fund

•

UBS Select ESG Prime Preferred Fund

•

UBS Select Prime Investor Fund

•

UBS Select Government Investor Fund

•

UBS Select Treasury Investor Fund

•

UBS Select ESG Prime Investor Fund

•

UBS Prime Reserves Fund

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UBS Tax-Free Reserves Fund

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UBS Prime Preferred Fund

•

UBS Tax-Free Preferred Fund

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UBS Prime Investor Fund

•

UBS Tax-Free Investor Fund

•

UBS RMA Government Money Market Fund

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UBS Liquid Assets Government Fund

•

UBS Ultra Short Income Fund

Dear Investor,

The purpose of this supplement is to update certain information in the SAIs for the above-named series regarding changes to the Board of Trustees (the “Board”) of UBS Series Funds (the “Trust”).

Effective December 31, 2021, Meyer Feldberg retired as Chairman and trustee of the Trust, and, effective January 1, 2022 (the “Effective Date”), the Board appointed Alan S. Bernikow as Chairman of the Board.

On the Effective Date, the SAIs referenced at the end hereof are revised as follows:

All references to Meyer Feldberg in the SAIs are hereby removed.

 

ZS-1133

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The section captioned “Organization of the Trust; trustees and officers; principal holders and management ownership of securities” of the SAIs is revised by replacing the entry for Alan S. Bernikow in the following table of that section in its entirety with the following:

 

Name, address, and age		Position(s) held with Trust		Term of office1 and length of time served		Principal occupation(s) during past 5 years		Number of portfolios in complex overseen by trustee		Other directorships held by trustee
Alan S. Bernikow; 81 K2 Integrity 845 Third Avenue New York, NY 10022		Trustee and Chairman of the Board of Trustees		Since 2005 (Trustee); since January 2022 (Chairman of the Board of Trustees)		Mr. Bernikow is retired. Previously, he was deputy chief executive officer at Deloitte & Touche (international accounting and consulting firm). From 2003 to 2017, Mr. Bernikow was also director of Destination XL Group, Inc. (menswear) (and served as a member of its nominating and corporate governance committee).		Mr. Bernikow is a director or trustee of 5 investment companies (consisting of 45 portfolios) for which UBS AM serves as investment advisor or manager.		Mr. Bernikow is also a director of Revlon, Inc. (cosmetics) (and serves as the chair of its audit committee and as the chair of its compensation committee), and the lead director of Mack-Cali Realty Corporation (real estate investment trust) (and serves as the chair of its audit committee).

The section captioned “Organization of the Trust; trustees and officers; principal holders and management ownership of securities” and sub-captioned “Leadership structure and qualifications of board of trustees” of the SAIs is revised by replacing the first paragraph of that section with the following:

The board is responsible for oversight of the funds. The board is currently composed of four trustees, all of whom are not “interested persons” of the funds as that term is defined by the Investment Company Act (“Independent Trustees”). The board members have selected Mr. Bernikow, an Independent Trustee, to act as chairman of the board. The chairman of the board’s role is to preside at all meetings of the board and generally to act as a liaison with service providers, officers, attorneys and other trustees between meetings. The chairman may also perform such other functions as may be delegated by the board from time to time. The board has established an Audit Committee and a Nominating and Corporate Governance Committee to assist the board in the oversight and direction of the business and affairs of the funds, and from time to time may establish ad hoc committees, informal working groups or designate one or more members to review and address the policies and practices of the funds or to liaise with the funds’ Chief Compliance Officer or service providers, including staff of UBS AM, with respect to certain specified matters. The board meets at regularly scheduled meetings five times throughout the year. In addition, the trustees may meet in-person or by telephone at special meetings or on an informal basis at other times. Each committee meets as appropriate to conduct the oversight functions delegated to the committee by the board and reports its findings to the board. The board and Audit Committee conduct annual assessments of their oversight function and structure. The Independent Trustees have also engaged independent legal counsel to assist them in performing their oversight responsibilities. The trustees have determined that the board’s leadership and committee structure is appropriate because it allows the board to exercise informed and independent judgment over the

 

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matters under its purview and to allocate areas of responsibility among committees of Independent Trustees and the full board in a manner that enhances the full board’s oversight.

 

Fund Name		Date of SAI
UBS Series Funds—UBS Select Prime Institutional Fund, UBS Select Government Institutional Fund, UBS Select Treasury Institutional Fund, UBS Select ESG Prime Institutional Fund, UBS Select Prime Preferred Fund, UBS Select Government Preferred Fund, UBS Select Treasury Preferred Fund, UBS Select ESG Prime Preferred Fund, UBS Select Prime Investor Fund, UBS Select Government Investor Fund, UBS Select Treasury Investor Fund, UBS Select ESG Prime Investor Fund, UBS Prime Preferred Fund, UBS Tax-Free Preferred Fund, UBS Prime Investor Fund, UBS Tax-Free Investor Fund, UBS Prime Reserves Fund and UBS Tax-Free Reserves Fund			August 27, 2021
UBS Series Funds—UBS RMA Government Money Market Fund			August 27, 2021
UBS Series Funds—UBS Liquid Assets Government Fund			August 27, 2021
UBS Series Funds—UBS Ultra Short Income Fund			August 27, 2021

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

 

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