Company Press Release

NEW YORK - (Business Wire) The Boards of Directors/Trustees for the UBS U.S. Money Market Funds named below (the “Funds”) on October 1, 2008, approved the participation of those money market funds in the U.S. Treasury’s Temporary Guarantee Program. All of these Funds will apply to be covered under the program.

“We recognize the U.S. Treasury’s actions to address what are believed to be temporary dislocations in the credit markets,” said Kai Sotorp, Head Americas, UBS Global Asset Management. “While the UBS money market funds have maintained their $1 net asset value throughout the recent unprecedented turmoil and continued to meet their stated goals of capital preservation, liquidity and income, we are pleased to have the Funds participate in the U.S. Treasury’s Temporary Guarantee Program to provide an added level of protection for covered shareholders.” The Funds continue to operate normally, and maintain a stable net asset value of $1 per share.

Through this program, the U.S. Treasury will guarantee the share price of any eligible money market mutual fund—whether retail or institutional—that applies for and pays a fee to participate in the program. Eligible funds are those that are regulated pursuant to Rule 2a-7 under the Investment Company Act of 1940, have maintained a stable share price of $1, and are publicly offered and registered with the Securities and Exchange Commission. Shareholders will be covered for the value of shares they held in accounts in the participating money market funds as of the close of business on September 19, 2008.

Following is a list of the money market funds that will apply to be insured under the program:

UBS US Taxable Money Market Funds

UBS Cashfund
UBS Cash Reserves Fund
UBS Liquid Assets Fund
UBS Money Market Fund
UBS PACE Money Market Investments
UBS RMA Money Market Portfolio
UBS Retirement Money Fund
UBS RMA U.S. Government Portfolio
UBS Select Prime Institutional Fund
UBS Select Prime Investor Fund
UBS Select Prime Preferred Fund
UBS Select Treasury Institutional Fund
UBS Select Treasury Preferred Fund
UBS Select Treasury Investor Fund
US Tax-Free Money Market Funds
UBS RMA New Jersey Municipal Money Fund
UBS RMA California Municipal Money Fund
UBS RMA Tax-Free Fund
UBS RMA New York Municipal Money Fund
UBS Select Tax-Free Institutional Fund
UBS Select Tax-Free Preferred Fund
UBS Select Tax-Free Investor Fund


Participation in the program becomes effective upon the U.S. Treasury’s execution of the Funds’ Guarantee Agreement applications. For further important information on this program, please refer to the U.S. Treasury Department’s website at www.ustreas.gov.

Not FDIC insured. May lose value. No bank guarantee. An investment in the UBS US Money Market Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. Upon the effectiveness of the Funds’ participation in the U.S. Treasury’s Temporary Guarantee Program for Money Market Funds, certain shareholder accounts in participating Funds would stand to benefit to the extent of such program.

An investor should consider the investment objectives, risks and charges and expenses of a money market fund carefully before investing. The Funds’ prospectuses contain this and other information about the Funds. A copy of the prospectus can be obtained by contacting UBS Global Asset Management at 800-647 1568. A Fund’s Prospectus should be read carefully before investing.

UBS Global Asset Management (US) Inc. is each Fund's principal underwriter. UBS Global Asset Management (Americas) Inc. is each Fund's advisor or sub-advisor.

UBS Global Asset Management is one of the world’s leading asset managers, providing traditional, alternative, real estate and infrastructure investment management solutions to private clients, financial intermediaries and institutional investors worldwide. Invested assets totaled some USD 741 billion as of June 30, 2008, making the firm one of the largest global institutional asset managers, a leading fund house in Europe and the largest mutual fund manager in Switzerland. With over 3,800 employees, located in 27 countries, we are a truly global firm. Headquartered in London, our other main offices are in Basel, Chicago, Frankfurt, Grand Cayman, Hartford, Hong Kong, Luxembourg, New York, Paris, Rio de Janeiro, Sydney, Tokyo, Toronto and Zurich.