UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund

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1 Money Market Funds Prospectus and SAI Supplement UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Supplement to the Prospectus (the Prospectus ) and Statement of Additional Information (the SAI ), each dated August 28, 2015, as supplemented March 29, 2016 Dear Investor: The purpose of this supplement is to (i) announce the planned liquidation on or about June 24, 2016, of UBS RMA Tax-Free Fund Inc., UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund (the Liquidating Funds ), (ii) update certain information contained in the Prospectus and SAI with respect to UBS RMA Money Market Portfolio and UBS RMA U.S. Government Portfolio (the Migrating Funds and together with the Liquidating Funds, the Funds ) in response to amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended, the primary rule governing money market funds, and (iii) update certain information contained in the Prospectus regarding principal risks and disclosure of portfolio holdings and market-based net asset values for the Funds. The regulatory changes referred to in the preceding sentence impact key aspects of how money market funds are structured and operate, and the disclosure changes referred to in the last part of the preceding sentence are being made to comply with new regulatory requirements that will become effective on April 14, I. Liquidating Funds Upon the recommendation of UBS Asset Management (Americas) Inc. ( UBS AM ), the Funds investment advisor, the Board of Directors of UBS RMA Tax-Free Fund Inc. and the Board of Trustees of UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund (collectively, the Board ) has approved the liquidation of each Liquidating Fund pursuant to a Plan of Liquidation (each, a Plan ). Accordingly, effective on or about June 24, 2016, shares of the Liquidating Funds will no longer be offered for purchase; all shares of each Liquidating Fund will be liquidated in accordance with the respective Plan on or about June 24, 2016 (the Liquidation Date ). UBS AM has recommended and the Board has approved the determination not to continue the Liquidating Funds because the Liquidating Funds will no longer be offered as cash sweep options as part of certain sweep accounts as a result of the amendments to Rule 2a-7 under the Investment Company Act of Suspension of sales. Shares of the Liquidating Funds will no longer be available for purchase effective on or about June 23, ZS-789

2 Bulk exchange. On or about June 24, 2016, through bulk exchange transactions, UBS Financial Services Inc. intends to redeem its customers from the Liquidating Funds and transfer the proceeds from the redemptions to UBS RMA Government Money Market Fund ( RMA Government ), another money market fund advised by UBS AM. These transactions are expected to occur at a $1.00 net asset value per share. Accordingly, shareholders should receive shares of RMA Government having an aggregate net asset value equal to the aggregate net asset value of their shares of each Liquidating Fund. Shareholders will be separately contacted by UBS Financial Services Inc. with additional information regarding the bulk exchange transactions. Shareholders who do not want their redemption proceeds transferred into RMA Government need to notify their Financial Advisor on or before June 23, 2016, to discuss investment alternatives. Any purchase of shares of the Liquidating Funds prior to June 23, 2016 will be treated as an investor s affirmative consent to have his or her shares redeemed and the proceeds transferred to RMA Government on the Liquidation Date. You may request a copy of RMA Government s prospectus prior to the Liquidation Date or, alternatively, you will receive a copy of RMA Government s prospectus before or along with confirmation that the bulk exchange transactions have been consummated on the Liquidation Date. Liquidation of assets. On or about the Liquidation Date, the Liquidating Funds will be liquidated and any assets of the Liquidating Funds not transferred to RMA Government will be paid in cash to any shareholders remaining in the Liquidating 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 shareholders 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 their shares of the respective Liquidating Fund and receive the net asset value thereof, as provided in the Liquidating Fund s prospectus. Certain tax information. If a shareholder remains invested in a Liquidating Fund as of the Liquidation Date, the shareholder s shares will be redeemed automatically, on or promptly after the Liquidation Date, at net asset value per share as of the Liquidation Date. As with any money market fund, each Liquidating Fund seeks to maintain a stable $1.00 net asset value per share, although there is no assurance that any money market fund will be able to do so. Redemption of shares by a shareholder as part of a liquidation generally will be considered a taxable event. However, shareholders are not expected to have any gain or loss on the liquidating distributions so long as each Fund maintains a $1.00 share price. Prior to the liquidation, each Liquidating Fund may make distributions of income and capital gains. You should consult your tax advisor for information regarding all tax consequences applicable to your investment in a Liquidating Fund or RMA Government. While each of the Liquidating Funds had a focus on investing in tax-exempt municipal securities, RMA Government invests in taxable securities. Given other aspects of the sweep programs offered by UBS Financial Services Inc., there may be limits on your ability to purchase additional shares of RMA Government versus other sweep options. Please review the terms of your UBS Financial Services Inc. account or speak to your Financial Advisor should you have questions about the sweep programs. II. Migrating Funds The Migrating Funds have been informed by the Funds primary dealer, UBS Financial Services Inc., that on or about June 24, 2016, UBS Financial Services Inc. will no longer offer the Migrating Funds as cash sweep options as part of its sweep program. On or about June 24, 2016, through a bulk exchange transaction, UBS Financial 2

3 Services Inc. intends to redeem its customers from the Migrating Funds and transfer the proceeds from the redemptions to RMA Government. These transactions are expected to occur at a $1.00 net asset value per share. Accordingly, shareholders should receive shares of RMA Government having an aggregate net asset value equal to the aggregate net asset value of their shares of the Migrating Funds. Shares of the Migrating Funds will no longer be available for purchase effective on or about June 23, Shareholders will be separately contacted by UBS Financial Services Inc. with additional information regarding these bulk exchange transactions. Shareholders who do not want their redemption proceeds transferred into RMA Government need to notify their Financial Advisor on or before June 23, 2016, to discuss investment alternatives. Any purchase of shares of the Migrating Funds prior to June 23, 2016, will be treated as an investor s affirmative consent to have his or her shares redeemed and the proceeds transferred to RMA Government. You may request a copy of RMA Government s prospectus prior to June 24, 2016, or, alternatively, you will receive a copy of RMA Government s prospectus before or along with confirmation that the bulk exchange transactions have been consummated. III. All Funds The Prospectus is hereby supplemented as shown below. Effective April 14, 2016, each section captioned Fund summary and sub-captioned Principal Risks of the Prospectus is revised by replacing all of the first paragraph of that section, except for the last sentence, with the following: All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Effective April 14, 2016, the section captioned Disclosure of portfolio holdings on page 32 of the Prospectus is revised by replacing the second paragraph of that section in its entirety with the following: Each fund will disclose on UBS AM s Web site, within five business days after the end of each month: (1) a complete schedule of portfolio holdings and information regarding the weighted average maturity of the fund, and (2) except with respect to UBS RMA U.S. Government Portfolio, an update for the funds showing additional portfolio characteristics broken down by country, including related weighted average life or weighted average maturity information per country. This information will be posted on the UBS Web site at the following internet address: In addition, each fund will file with the SEC on Form N-MFP, within five business days after the end of each month, more detailed portfolio holdings information. Each fund s Forms N-MFP will be available on the SEC s Web site; UBS AM s Web site will also contain a link to these filings, when available. The UBS AM Web site will also disclose the following information for each fund as of the end of each business day for the previous six months: (1) the percentage of each fund s total assets invested in daily (in the case of each fund other than UBS RMA Tax-Free Fund Inc., UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund) and weekly liquid assets; (2) each fund s daily net inflows and outflows; and (3) each fund s current market-based net asset value per share. 3

4 Effective April 14, 2016, the section captioned Disclosure of market-based net asset values on page 32 of the Prospectus is revised by replacing the first sentence of the first paragraph of that section in its entirety with the following: On each business day, each of the funds will post its market-based net asset value per share ( market-based NAV ) for the prior business day on the UBS Web site at If you have questions regarding these matters, please contact your Financial Advisor. UBS AM appreciated your investment in the Funds and believes the course of action explained above in Sections I and II is in the best interests of all given the regulatory changes. We encourage you to discuss investment alternatives with your Financial Advisor. PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR YOUR FUTURE REFERENCE. 4

5 Money Market Funds Prospectus and SAI Supplement UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Supplement to the Prospectus and Statement of Additional Information ( SAI ) dated August 28, 2015 January 28, 2016 Dear Investor: The purpose of this supplement is to update the Prospectus and SAI in response to amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended, the primary rule governing money market funds, including UBS RMA Money Market Portfolio, UBS RMA U.S. Government Portfolio, UBS RMA Tax-Free Fund, UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund (the Funds ). These regulatory changes, which have a tiered compliance period that extends until October 2016, impact key aspects of how money market funds are structured and operate. Later this year, but before the October 2016 compliance deadline, the Funds may no longer be offered as sweep funds as part of certain distributor platforms. As a result, the Funds shareholders would be transitioned to an alternative money market sweep fund. Shareholders will receive additional information at a future time in advance of these changes. In addition, effective October 30, 2015, the Funds investment advisor and distributor were renamed UBS Asset Management (Americas) Inc. and UBS Asset Management (US) Inc., respectively. All references to UBS Global Asset Management (Americas) Inc. in the Funds Prospectus and SAI are hereby replaced with UBS Asset Management (Americas) Inc. Similarly, all references to (US) Inc. in the Funds Prospectus and SAI are hereby replaced with UBS Asset Management (US) Inc. PLEASE RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE. ZS-781

6 Money Market Funds Prospectus UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Prospectus August 28, 2015 Ticker symbols: Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund RMAXX RUSXX RTFXX RCAXX RNYXX This prospectus offers shares of these money market funds primarily to participants in the UBS Financial Services Inc. Resource Management Account (RMA ) Program, the UBS Financial Services Inc. Business Services Account BSA Program and certain UBS Financial Services Inc. advisory programs. As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved the funds shares or determined whether this prospectus is complete or accurate. To state otherwise is a crime. Not FDIC Insured. May lose value. No bank guarantee.

7 UBS RMA Contents The funds What every investor should know about the funds Fund summaries Money Market Portfolio Page 3 U.S. Government Portfolio Page 6 Tax-Free Fund Page 9 California Municipal Money Fund Page 12 New York Municipal Money Fund Page 15 More information about the funds Page 18 Your investment Information for managing your fund account Managing your fund account Page 23 Buying shares Selling shares Additional information about your account Market timing Pricing and valuation Additional information Additional important information about the funds Management Page 29 Dividends and taxes Page 30 Disclosure of portfolio holdings Page 31 Disclosure of market-based net asset values Page 32 Financial highlights Page 33 Where to learn more about the funds Back cover Please find the UBS family of funds privacy notice on page 39. Please find the UBS Global Asset Management business continuity planning overview on page 40. The funds are not complete or balanced investment programs. 2

8 Money Market Portfolio Fund summary Investment objective Maximum current income consistent with liquidity and conservation of capital. Fees and expenses These tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. Shareholder transaction expenses (fees paid directly from your investment): Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) None Maximum deferred sales charge (load) (as a % of offering price) None Maximum account fee UBS Financial Services Inc. RMA Program $150 UBS Financial Services Inc. Business Services Account BSA Program $150 UBS Financial Services Inc. Basic Investment Account Program $ 75 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment): Management fees 0.37% Service (12b-1) fees None Other expenses 0.20 Service (non-12b-1) fees 0.15 Miscellaneous expenses 0.05 Total annual fund operating expenses 0.57 Management fee waiver Total annual fund operating expenses after fee waiver The fund and (Americas) Inc. ( UBS Global AM ) have contractually agreed to cap the fund s aggregate management and shareholder services fees (paid pursuant to the related shareholder services plan) so that the total of these fees does not exceed 0.50% of the fund s average daily net assets. This cap results in an effective investment advisory and administration fee rate not to exceed 0.35% of the fund s average daily net assets. The contractual cap continues for as long as the fund s shareholder services plan remains in effect. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 yr. 3 yrs. 5 yrs. 10 yrs. Money Market Portfolio $56 $181 $316 $712 This example does not reflect the above referenced program fees. Principal strategies Principal investments The fund is a money market fund and seeks to maintain a stable price of $1.00 per share. To do this, the fund invests in a diversified portfolio of high quality money market instruments of governmental and private issuers. Money market instruments generally are short-term debt obligations and similar securities. They also may include longer-term bonds that have variable interest rates or other special features that give them the financial characteristics of short-term debt. The fund invests in foreign money market instruments only if they are denominated in US dollars. Management process (Americas) Inc. ( UBS Global AM ) acts as the fund s investment advisor. As investment advisor, UBS Global AM makes the fund s investment decisions. UBS Global AM selects money market instruments for the fund based on its assessment of relative values and changes in market and economic conditions. UBS Global AM considers safety of principal and liquidity in selecting securities for the fund and thus may not buy securities that pay the highest yield. 3

9 Principal risks All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. While the fund seeks to maintain the value of your investment at $1.00 per share, you may lose money by investing in the fund. An investment in the fund is not a bank deposit and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Money market instruments generally have a low risk of loss, but they are not risk-free. The principal risks presented by an investment in the fund are: Credit risk: Issuers of money market instruments may fail to make payments when due, or they may become less willing or less able to do so. Interest rate risk: The value of the fund s investments generally will fall when short-term interest rates rise, and its yield will tend to lag behind prevailing rates. The risks associated with rising interest rates may be more pronounced going forward due to the anticipated end of an extended period of historically low rates. Market risk: The risk that the market value of the fund s investments may fluctuate, sometimes rapidly or unpredictably, as the markets fluctuate, which may affect the fund s ability to maintain a $1.00 share price. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole. Moreover, changing market, economic and political conditions in one country or geographic region could adversely impact market, economic and political conditions in other countries or regions. Foreign investing risk: The value of the fund s investments in foreign securities may fall due to adverse political, social and economic developments abroad. However, because the fund s foreign investments must be denominated in US dollars, it generally is not subject to the risk of changes in currency valuations. US Government securities risk: There are different types of US government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, such as Federal National Mortgage Association ( Fannie Mae ) or Federal Home Loan Mortgage Corporation ( Freddie Mac ), although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are. Liquidity risk: Although the fund invests in a diversified portfolio of high quality instruments, the fund s investments 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 the advisor may not produce the desired results. Money market fund regulatory risk: The US Securities and Exchange Commission ( SEC ) adopted changes to the rules that govern SEC registered money market funds in July 2014 that will affect the manner in which money market funds are structured and operated. In addition, the SEC proposed additional regulatory changes, the final terms of which are yet to be determined. These changes may affect the investment strategies, performance, yield, operating expenses and continued viability of the fund. As of the date of this prospectus, UBS Global AM is evaluating the potential impact of these regulatory changes and expects to update investors in the future as the regulatory compliance deadlines approach. Performance Risk/return bar chart and table The following bar chart and table provide information about the fund s performance and thus give some indication 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 the fund s shares. The fund s past performance does not necessarily indicate how the fund will perform in the future. 4

10 6 0 Total Return UBS RMA Money Market Portfolio Annual Total Returns 6% % 4.76% % 2.32% % 0.01% 0.01% 0.01% 0.01% 0.01% Calendar Year Total return January 1 to June 30, 2015: 0.00% (Actual total return was %) Best quarter during years shown 4Q 2006: 1.21% Worst quarters during years shown 3Q 2009; 1Q, 2Q & 3Q 2010; & 1Q 2011: 0.00% (Actual total returns were %) Updated performance information is available by contacting your Financial Advisor or by calling (Option #1). Average annual total returns (for the periods ended December 31, 2014) One year 0.01% Five years 0.01 Ten years 1.44 Investment advisor (Americas) Inc. ( UBS Global AM ) serves as the investment advisor to the fund. Purchase & sale of fund shares You must be a client of UBS Financial Services Inc. or a client of certain affiliated firms to purchase fund shares. You may purchase or sell fund shares by contacting your Financial Advisor. The fund has a $5,000 minimum investment requirement for investors purchasing shares of the fund by withdrawing from certain deposit account sweep arrangements. The fund has no minimum to add to an account. Shares of the fund may be purchased or redeemed through your Financial Advisor on any business day on which the Boston offices of the fund s custodian and the New York City offices of UBS Financial Services Inc. and its bank are all open for business. Tax information The dividends and distributions you receive from the fund are taxable and will generally be taxed as ordinary income, capital gains or some combination of both. If you hold shares through a tax-exempt account or plan, such as an individual retirement account or 401(k) plan, dividends and distributions on your shares generally will not be subject to tax before distributions are made to you from the account or plan. Payments to broker-dealers and other financial intermediaries If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your Financial Advisor to recommend the fund over another investment. Ask your Financial Advisor or visit your financial intermediary s Web site for more information. 5

11 U.S. Government Portfolio Fund summary Investment objective Maximum current income consistent with liquidity and conservation of capital. Fees and expenses These tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. Shareholder transaction expenses (fees paid directly from your investment): Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) None Maximum deferred sales charge (load) (as a % of offering price) None Maximum account fee UBS Financial Services Inc. RMA Program $150 UBS Financial Services Inc. Business Services Account BSA Program $150 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment): Management fees 0.37% Service (12b-1) fees 0.15 Other expenses 0.04 Total annual fund operating expenses 0.56 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 yr. 3 yrs. 5 yrs. 10 yrs. U.S. Government Portfolio $57 $179 $313 $701 6 This example does not reflect the above referenced program fees. Principal strategies Principal investments The fund is a money market fund and seeks to maintain a stable price of $1.00 per share. To do this, the fund invests in a diversified portfolio of high quality, US government money market instruments and in related repurchase agreements. Money market instruments generally are short-term debt obligations and similar securities. They also may include longer-term bonds that have variable interest rates or other special features that give them the financial characteristics of short-term debt. The fund has adopted a policy to invest 99.5% or more of its total 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 market fund under federal regulations. In addition, under normal circumstances, the fund invests at least 80% of its net assets in US government securities, including government securities subject to repurchase agreements. Many US government money market instruments pay income that is generally exempt from state and local income tax, although it may be subject to corporate franchise tax in some states. The fund may invest a significant percentage of its assets in repurchase agreements. Repurchase agreements are transactions in which the fund purchases government securities and simultaneously commits to resell 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. Repurchase agreements often offer a higher yield than investments directly in government securities. In deciding whether an investment in a repurchase agreement is more attractive than a direct investment in government securities, the fund considers the possible loss of this tax advantage.

12 Management process (Americas) Inc. ( UBS Global AM ) acts as the fund s investment advisor. As investment advisor, UBS Global AM makes the fund s investment decisions. UBS Global AM selects money market instruments for the fund based on its assessment of relative values and changes in market and economic conditions. Principal risks All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. While the fund seeks to maintain the value of your investment at $1.00 per share, you may lose money by investing in the fund. An investment in the fund is not a bank deposit and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Money market instruments generally have a low risk of loss, but they are not risk-free. The principal risks presented by an investment in the fund are: Credit risk: Issuers of money market instruments may fail to make payments when due, or they may become less willing or less able to do so. Market risk: The risk that the market value of the fund s investments may fluctuate, sometimes rapidly or unpredictably, as the markets fluctuate, which may affect the fund s ability to maintain a $1.00 share price. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole. Moreover, changing market, economic and political conditions in one country or geographic region could adversely impact market, economic and political conditions in other countries or regions. US Government securities risk: There are different types of US government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, such as Federal National Mortgage Association ( Fannie Mae ) or Federal Home Loan Mortgage Corporation ( Freddie Mac ), although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are. and its yield will tend to lag behind prevailing rates. The risks associated with rising interest rates may be more pronounced going forward due to the anticipated end of an extended period of historically low rates. Liquidity risk: Although the fund invests in a diversified portfolio of high quality instruments, the fund s investments 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 the advisor may not produce the desired results. Money market fund regulatory risk: The US Securities and Exchange Commission ( SEC ) adopted changes to the rules that govern SEC registered money market funds in July 2014 that will affect the manner in which money market funds are structured and operated. In addition, the SEC proposed additional regulatory changes, the final terms of which are yet to be determined. These changes may affect the investment strategies, performance, yield, operating expenses and continued viability of the fund. As of the date of this prospectus, UBS Global AM is evaluating the potential impact of these regulatory changes and expects to update investors in the future as the regulatory compliance deadlines approach. Performance Risk/return bar chart and table The following bar chart and table provide information about the fund s performance and thus give some indication 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 the fund s shares. The fund s past performance does not necessarily indicate how the fund will perform in the future. Interest rate risk: The value of the fund s investments generally will fall when short-term interest rates rise, 7

13 6 0 Total Return UBS RMA U.S. Government Portfolio Annual Total Returns 6% % 4.32% % 1.44% 0.03% 0.01% 0.01% 0.01% 0.01% 0.01% Calendar Year Total return January 1 to June 30, 2015: 0.00% (Actual total return was %) Best quarter during years shown 4Q 2006: 1.17% Worst quarters during years shown 2Q & 3Q 2009; 1Q, 2Q & 3Q 2010; & 1Q 2011: 0.00% (Actual total returns were %) Updated performance information is available by contacting your Financial Advisor or by calling (Option #1). Average annual total returns (for the periods ended December 31, 2014) One year 0.01% Five years 0.01 Ten years 1.25 Investment advisor (Americas) Inc. ( UBS Global AM ) serves as the investment advisor to the fund. Purchase & sale of fund shares You must be a client of UBS Financial Services Inc. or a client of certain affiliated firms to purchase fund shares. You may purchase or sell fund shares by contacting your Financial Advisor. The fund has a $5,000 minimum investment requirement for investors purchasing shares of the fund by withdrawing from certain deposit account sweep arrangements. The fund has no minimum to add to an account. Shares of the fund may be purchased or redeemed through your Financial Advisor on any business day on which the Boston offices of the fund s custodian and the New York City offices of UBS Financial Services Inc. and its bank are all open for business. Tax information The dividends and distributions you receive from the fund are taxable and will generally be taxed as ordinary income, capital gains or some combination of both. If you hold shares through a tax-exempt account or plan, such as an individual retirement account or 401(k) plan, dividends and distributions on your shares generally will not be subject to tax before distributions are made to you from the account or plan. Payments to broker-dealers and other financial intermediaries If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your Financial Advisor to recommend the fund over another investment. Ask your Financial Advisor or visit your financial intermediary s Web site for more information. 8

14 Tax-Free Fund Fund summary Investment objective Maximum current income exempt from federal income tax consistent with liquidity and conservation of capital. Fees and expenses These tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. Shareholder transaction expenses (fees paid directly from your investment): Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) None Maximum deferred sales charge (load) (as a % of offering price) None Maximum account fee UBS Financial Services Inc. RMA Program $150 UBS Financial Services Inc. Business Services Account BSA Program $150 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment): Management fees 0.39% Service (12b-1) fees 0.15 Other expenses 0.05 Total annual fund operating expenses 0.59 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 yr. 3 yrs. 5 yrs. 10 yrs. Tax-Free Fund $60 $189 $329 $738 This example does not reflect the above referenced program fees. Principal strategies Principal investments The fund is a money market fund and seeks to maintain a stable price of $1.00 per share. To do this, the fund invests in a diversified portfolio of high quality, municipal money market instruments. Money market instruments generally are short-term debt obligations and similar securities. They also may include longer-term bonds that have variable interest rates or other special features that give them the financial characteristics of short-term debt. Under normal circumstances, the fund will invest at least 80% of its net assets in investments, the income from which is exempt from federal income tax. While the fund normally does not do so, it may invest in securities that are subject to the federal alternative minimum tax. If the fund were to do so, under normal circumstances, the fund may invest only up to 20% of its net assets in municipal securities that pay interest that is an item of tax preference for purposes of the alternative minimum tax. Management process (Americas) Inc. ( UBS Global AM ) acts as the fund s investment advisor. As investment advisor, UBS Global AM makes the fund s investment decisions. UBS Global AM selects money market instruments for the fund based on its assessment of relative values and changes in market and economic conditions. Principal risks All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. While the fund seeks to maintain the value of your investment at $1.00 per share, you may lose money by investing in the fund. An investment in the fund is not a bank deposit and is neither insured nor guaranteed by the Federal Deposit Insurance Cor- 9

15 poration or any other government agency. Money market instruments generally have a low risk of loss, but they are not risk-free. The principal risks presented by an investment in the fund are: Municipal securities risk: Municipal securities are subject to interest rate and credit risks. The ability of a municipal issuer to make payments and the value of municipal securities can be affected by uncertainties in the municipal securities market. Such uncertainties could cause increased volatility in the municipal securities market and could negatively impact the fund s net asset value and/or the distributions paid by the fund. Municipalities continue to experience difficulties in the current economic and political environment. Credit risk: Issuers of money market instruments may fail to make payments when due, or they may become less willing or less able to do so. Interest rate risk: The value of the fund s investments generally will fall when short-term interest rates rise, and its yield will tend to lag behind prevailing rates. The risks associated with rising interest rates may be more pronounced going forward due to the anticipated end of an extended period of historically low rates. Market risk: The risk that the market value of the fund s investments may fluctuate, sometimes rapidly or unpredictably, as the markets fluctuate, which may affect the fund s ability to maintain a $1.00 share price. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole. Moreover, changing market, economic and political conditions in one country or geographic region could adversely impact market, economic and political conditions in other countries or regions. Management risk: The risk that the investment strategies, techniques and risk analyses employed by the advisor may not produce the desired results. Money market fund regulatory risk: The US Securities and Exchange Commission ( SEC ) adopted changes to the rules that govern SEC registered money market funds in July 2014 that will affect the manner in which money market funds are structured and operated. In addition, the SEC proposed additional regulatory changes, the final terms of which are yet to be determined. These changes may affect the investment strategies, performance, yield, operating expenses and continued viability of the fund. As of the date of this prospectus, UBS Global AM is evaluating the potential impact of these regulatory changes and expects to update investors in the future as the regulatory compliance deadlines approach. Performance Risk/return bar chart and table The following bar chart and table provide information about the fund s performance and thus give some indication 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 the fund s shares. The fund s past performance does not necessarily indicate how the fund will perform in the future. Liquidity risk: Although the fund invests in a diversified portfolio of high quality instruments, the fund s investments may become less liquid as a result of market developments or adverse investor perception. 10

16 6 0 Total Return UBS RMA Tax-Free Fund Annual Total Returns 6% % 2.87% 3.09% 1.51% 0.02% 0.01% 0.01% 0.01% 0.01% 0.01% Calendar Year Total return January 1 to June 30, 2015: 0.00% (Actual total return was %) Best quarter during years shown 3Q 2007: 0.79% Worst quarters during years shown 3Q 2009; 1Q, 2Q & 3Q 2010; & 1Q 2011: 0.00% (Actual total returns were %) Updated performance information is available by contacting your Financial Advisor or by calling (Option #1). Average annual total returns (for the periods ended December 31, 2014) One year 0.01% Five years 0.01 Ten years 0.93 Investment advisor (Americas) Inc. ( UBS Global AM ) serves as the investment advisor to the fund. Purchase & sale of fund shares You must be a client of UBS Financial Services Inc. or a client of certain affiliated firms to purchase fund shares. You may purchase or sell fund shares by contacting your Financial Advisor. The fund has no minimum for initial investments or to add to an account, but reserves the right to establish minimum investment requirements at any time. Shares of the fund may be purchased or redeemed through your Financial Advisor on any business day on which the Boston offices of the fund s custodian and the New York City offices of UBS Financial Services Inc. and its bank are all open for business. Tax information The dividends you receive from the fund generally are not subject to federal income tax. If you are subject to alternative minimum tax, a portion of the dividends paid by the fund may be included in computing such taxes. Distributions of any capital gains are generally subject to federal income tax. Payments to broker-dealers and other financial intermediaries If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your Financial Advisor to recommend the fund over another investment. Ask your Financial Advisor or visit your financial intermediary s Web site for more information. 11

17 California Municipal Money Fund Fund summary Investment objective Maximum current income exempt from federal income tax and California personal income tax consistent with liquidity and conservation of capital. Fees and expenses These tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. Shareholder transaction expenses (fees paid directly from your investment): Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) None Maximum deferred sales charge (load) (as a % of offering price) None Maximum account fee UBS Financial Services Inc. RMA Program $150 UBS Financial Services Inc. Business Services Account BSA Program $150 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment): Management fees 0.42% Service (12b-1) fees 0.15 Other expenses 0.06 Total annual fund operating expenses 0.63 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 yr. 3 yrs. 5 yrs. 10 yrs. California Municipal Money Fund $64 $202 $351 $786 This example does not reflect the above referenced program fees. Principal strategies Principal investments The fund is a money market fund and seeks to maintain a stable price of $1.00 per share. To do this, the fund invests in a diversified portfolio of high quality money market instruments that are exempt from both federal income tax and California personal income tax. Money market instruments generally are short-term debt obligations and similar securities. They also may include longer-term bonds that have variable interest rates or other special features that give them the financial characteristics of short-term debt. Under normal circumstances, the fund will invest at least 80% of its net assets in California municipal securities. California municipal securities are securities issued by or on behalf of the State of California, its municipalities and public authorities and certain other issuers that pay interest that is exempt from federal income tax as well as California personal income tax. While the fund normally does not do so, it may invest in securities that are subject to the federal alternative minimum tax. If the fund were to do so, under normal circumstances, the fund may invest only up to 20% of its net assets in California municipal securities that pay interest that is an item of tax preference for purposes of the alternative minimum tax. Management process (Americas) Inc. ( UBS Global AM ) acts as the fund s investment advisor. As investment advisor, UBS Global AM makes the fund s investment decisions. UBS Global AM selects money market instruments for the fund based on its assessment of relative values and changes in market and economic conditions. 12

18 Principal risks All investments carry a certain amount of risk, and the fund cannot guarantee that it will achieve its investment objective. While the fund seeks to maintain the value of your investment at $1.00 per share, you may lose money by investing in the fund. An investment in the fund is not a bank deposit and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Money market instruments generally have a low risk of loss, but they are not risk-free. The principal risks presented by an investment in the fund are: Municipal securities risk: Municipal securities are subject to interest rate and credit risks. The ability of a municipal issuer to make payments and the value of municipal securities can be affected by uncertainties in the municipal securities market. Such uncertainties could cause increased volatility in the municipal securities market and could negatively impact the fund s net asset value and/or the distributions paid by the fund. Municipalities continue to experience difficulties in the current economic and political environment. Credit risk: Issuers of money market instruments may fail to make payments when due, or they may become less willing or less able to do so. Interest rate risk: The value of the fund s investments generally will fall when short-term interest rates rise, and its yield will tend to lag behind prevailing rates. The risks associated with rising interest rates may be more pronounced going forward due to the anticipated end of an extended period of historically low rates. Market risk: The risk that the market value of the fund s investments may fluctuate, sometimes rapidly or unpredictably, as the markets fluctuate, which may affect the fund s ability to maintain a $1.00 share price. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole. Moreover, changing market, economic and political conditions in one country or geographic region could adversely impact market, economic and political conditions in other countries or regions. Single state concentration risk: Because the fund invests substantially all of its assets in California municipal money market instruments, its performance will be more severely affected by unfavorable political, fiscal or economic conditions in California than a more geographically diverse fund. Although the California economy has improved since the recent recession, a deterioration of California s fiscal situation and the economic situation of its municipalities could cause greater volatility in the prices of California municipal money market instruments and increase the risk of investing in the fund. Related securities concentration risk: Because the fund may invest more than 25% of its total assets in municipal money market instruments that are issued to finance similar projects, certain economic, business or political developments or changes that affect one municipal security also may affect other municipal securities in the same sector. Liquidity risk: Although the fund invests in a diversified portfolio of high quality instruments, the fund s investments 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 the advisor may not produce the desired results. Money market fund regulatory risk: The US Securities and Exchange Commission ( SEC ) adopted changes to the rules that govern SEC registered money market funds in July 2014 that will affect the manner in which money market funds are structured and operated. In addition, the SEC proposed additional regulatory changes, the final terms of which are yet to be determined. These changes may affect the investment strategies, performance, yield, operating expenses and continued viability of the fund. As of the date of this prospectus, UBS Global AM is evaluating the potential impact of these regulatory changes and expects to update investors in the future as the regulatory compliance deadlines approach. Performance Risk/return bar chart and table The following bar chart and table provide information about the fund s performance and thus give some indication 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 the fund s shares. The fund s past performance does not necessarily indicate how the fund will perform in the future. 13

19 6 0 Total Return UBS RMA California Municipal Money Fund Annual Total Returns 6% % 2.74% 2.96% 1.39% 0.02% 0.01% 0.01% 0.02% 0.01% 0.02% Calendar Year Total return January 1 to June 30, 2015: 0.00% (Actual total return was %) Best quarter during years shown 3Q 2007: 0.77% Worst quarters during years shown 3Q 2009; 1Q, 2Q, 3Q & 4Q 2010; & 1Q 2011: 0.00% (Actual total returns were %) Updated performance information is available by contacting your Financial Advisor or by calling (Option #1). Average annual total returns (for the periods ended December 31, 2014) One year 0.02% Five years 0.01 Ten years 0.89 Investment advisor (Americas) Inc. ( UBS Global AM ) serves as the investment advisor to the fund. Purchase & sale of fund shares You must be a client of UBS Financial Services Inc. or a client of certain affiliated firms to purchase fund shares. You may purchase or sell fund shares by contacting your Financial Advisor. The fund has no minimum for initial investments or to add to an account, but reserves the right to establish minimum investment requirements at any time. Shares of the fund may be purchased or redeemed through your Financial Advisor on any business day on which the Boston offices of the fund s custodian and the New York City offices of UBS Financial Services Inc. and its bank are all open for business. Tax information The dividends you receive from the fund generally are not subject to federal and California State income tax. If you are subject to alternative minimum tax, a portion of the dividends paid by the fund may be included in computing such taxes. Distributions of any capital gains are generally subject to California State income tax and federal income tax. Payments to broker-dealers and other financial intermediaries If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your Financial Advisor to recommend the fund over another investment. Ask your Financial Advisor or visit your financial intermediary s Web site for more information. 14

20 New York Municipal Money Fund Fund summary Investment objective Maximum current income exempt from federal income tax and New York State and New York City personal income taxes consistent with liquidity and conservation of capital. Fees and expenses These tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. Shareholder transaction expenses (fees paid directly from your investment): Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) None Maximum deferred sales charge (load) (as a % of offering price) None Maximum account fee UBS Financial Services Inc. RMA Program $150 UBS Financial Services Inc. Business Services Account BSA Program $150 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment): Management fees 0.43% Service (12b-1) fees 0.15 Other expenses 0.07 Total annual fund operating expenses 0.65 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 yr. 3 yrs. 5 yrs. 10 yrs. New York Municipal Money Fund $66 $208 $362 $810 This example does not reflect the above referenced program fees. Principal strategies Principal investments The fund is a money market fund and seeks to maintain a stable price of $1.00 per share. To do this, the fund invests in a diversified portfolio of high quality money market instruments that are exempt from federal income tax and from both New York State and New York City personal income taxes. Money market instruments generally are short-term debt obligations and similar securities. They also may include longer-term bonds that have variable interest rates or other special features that give them the financial characteristics of short-term debt. Under normal circumstances, the fund will invest at least 80% of its net assets in New York municipal securities. New York municipal securities are securities issued by or on behalf of the State of New York, its municipalities and public authorities and certain other issuers that pay interest that is exempt from federal income tax as well as New York State and New York City personal income taxes. While the fund normally does not do so, it may invest in securities that are subject to the federal alternative minimum tax. If the fund were to do so, under normal circumstances, the fund may invest only up to 20% of its net assets in New York municipal securities that pay interest that is an item of tax preference for purposes of the alternative minimum tax. Management process (Americas) Inc. ( UBS Global AM ) acts as the fund s investment advisor. As investment advisor, UBS Global AM makes the fund s investment decisions. UBS Global AM selects money market instruments for the fund based on its assessment of relative values and changes in market and economic conditions. 15

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