UBS Select ESG Prime Institutional Fund UBS Money Market Funds | August 31, 2021

UBS Select ESG Prime Institutional UBS Select ESG Prime Institutional Fund advantages Fund – Experienced management team Professionally-managed institutional – Aaa-mf Moody’s rating and AAAmmf Fitch rating1,2 money market fund seeking to provide – Competitive expense ratio: 18 basis points3 maximum current income, liquidity, – Dividends accrue daily and are distributed on a monthly basis preservation of capital and sustainable – Electronic trading via Short-Term Direct (for direct accounts) investments for institutional investors and – Same-day settlement high-net worth individuals. – Institutional-quality service from the Institutional Client Service Center; call 1-888-547-FUND

Experienced management team A team of money market specialists under the direction of Robert Sabatino, Managing Director, is responsible for the day-to-day investment management. UBS Asset Management’s experienced and knowledgeable portfolio managers select and evaluate investments to develop a diversified portfolio that seeks to achieve the Fund’s objective.

Sustainability focus Investment approach At UBS-AM it is our belief that Environmental, While seeking to maximize current income, our investment management team emphasizes credit Social and Governance (ESG) issues and quality, liquidity and appropriate diversification. Embedded in our credit research process is the opportunities can affect investment integration of issuer-level sustainable investing analysis as guided by UBS-AM’s approach to performance, and by considering these factors environmental, social and governance (ESG) research and evaluation methodology. The Fund is a we may deliver better informed investment “feeder fund” that invests in securities through an underlying “master fund.” The master fund decisions. Hence, we regard sustainable invests in a diversified portfolio of high-quality, short-term, US dollar-denominated money market investing (SI) as an integral element in fulfilling instruments of governmental and private issuers while incorporating fundamental sustainability our fiduciary duties toward our clients. factors, such as ESG performance of each issuer. Our credit and portfolio management teams continually monitor individual issuers in an attempt to assure maintenance of credit quality, and ESG risks are implemented into the research partner closely with the global Sustainable and Impact Investing Research team to maintain ESG process, by leveraging a combination of integration in the research process. proprietary methodology and tools. Minimum initial investment Our SI-focused strategies build on the elements $100,000 on initial purchase; no minimum thereafter. of the ESG integration approach and take it a step further to where sustainability factors play UBS Asset Management (Americas) Inc. short-term cash assets under management a significant role in the investment process and Approximately $63 billion in security selection. Investment advisor UBS Asset Management (Americas) Inc. To learn more about UBS Asset Management’s commitment to sustainable and impact Custodian; Transfer agent investing, including our 20-year history in State Street Bank; BNY Mellon Investment Servicing (US) Inc. managing sustainable investment funds, please visit ubs.com/am-si.

You could lose money by investing in the Fund because the share price of the Fund will fluctuate. When you sell your shares they may be worth more, or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares, or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. This monthly review is for distribution only through October 11, 2021. THIS REVIEW MUST BE ACCOMPANIED OR PRECEDED BY CURRENT FUND PROSPECTUS. Portfolio monthly yield comparison Instrument allocation4, 5 Portfolio characteristics4 (As of 8/31/21) Select 30-day yield (%)6 Inception 1/15/20 9/30/20 0.10 Average portfolio maturity5 54 days 10/31/20 0.09 Portfolio assets5 $877 million 11/30/20 0.08 Ticker symbol SGIXX 12/31/20 0.09 CUSIP 902656404 1/31/21 0.08 Yield (%)3, 6 2/28/21 0.07 (As of 8/31/21) 3/31/21 0.06 4/30/21 0.05 7-day yield 0.03 75% Commercial Paper 5/31/21 0.04 Unsubsidized7 -0.07 15% Repo 6/30/21 0.03 30-day yield 0.02 6% Time Deposits 7/31/21 0.03 5% Certificate of Deposit Unsubsidized7 -0.08 8/31/21 0.02

UBS-AM ESG risk recommendation Credit distribution by UBS ESG Score4, 5 The UBS ESG money market funds are sustainably-focused, targeting at least 1. Negligible 70% of issuers meeting our internal ESG Negligible ESG risk risk recommendation scores of 1-3 (negligible; low; moderate ESG risks), with 2. Low no issuers scoring a 5 (severe ESG risk) at Low ESG risk time of purchase. 3. Moderate Moderate ESG risk

4. High High ESG risk

5. Severe 0% UBS ESG Credit Score 1 Severe ESG risk 41% UBS ESG Credit Score 2 53% UBS ESG Credit Score 3 5% UBS ESG Credit Score 4 0% UBS ESG Credit Score 5–NR

1 The Fund is rated Aaa-mf by Moody’s, indicating its belief that the Fund has a very strong 6 Effective from August 31, 2021 through August 31, 2022, UBS AM will voluntarily waive ability to meet the dual goals of providing liquidity and preserving capital. Further 0.10% of its management fee (imposed at master fund level) in order to voluntarily information regarding Moody’s rating methodology may be found on its website at www. reduce the fund’s expenses by 0.10%. moodys.com. 7 Unsubsidized yield refers to the yield before waivers/reimbursements. For more 2 The fund is rated AAAmmf by Fitch Ratings, which reflects Fitch’s view of (1) the fund’s information about unsubsidized yields, please visit www.ubs.com/usmoneymarketfunds. overall credit quality and diversification; (2) low exposure to interest rate and spread risk; For more information, contact UBS Asset Management at 888-793-8637. Mutual (3) holdings consistent with shareholder profiles and concentrations; and (4) maturity funds are sold by prospectus, which includes more complete information on profiles consistent with rating criteria. Further information regarding Fitch’s rating risks, charges, expenses and other matters of interest. Investors should read methodology may be found on its website the prospectus carefully before investing. An investment in the Fund is only one 3 The fund and UBS Asset Management (Americas) Inc. (“UBS AM”) have entered into a component of a balanced investment plan. written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse the fund so that Performance data quoted represent past performance, and the Fund’s yield the total operating expenses of the fund through August 31, 2022 (excluding interest will fluctuate. Past performance does not guarantee future results. Current expense, if any, and extraordinary items) would not exceed 0.14%. The fund has agreed performance may be lower or higher than the performance data quoted. to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so Current and future portfolio holdings are subject to risk. over the following three fiscal years without causing the fund’s expenses in any of those three years to exceed this expense cap. In addition, in connection with voluntary agreements with the financial intermediaries that are selling fund shares, the fund’s Not FDIC insured. May lose value. No bank guarantee. principal underwriter has agreed to voluntarily waive fees or reimburse fund expenses so that total fund expenses do not exceed 0.04%. This monthly review is for distribution only through October 11, 2021. 4 The master fund is actively managed and its composition will differ over time. Portfolio THIS REVIEW MUST BE ACCOMPANIED OR PRECEDED BY CURRENT FUND composition may exceed 100% due to rounding. PROSPECTUS. 5 Data are for related master portfolio.

UBS Asset Management (US) Inc., the Fund’s distributor, is a subsidiary of UBS Group AG.